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Sectors

Sector Update: Healthcare Stocks Decline Late Afternoon

Healthcare stocks fell late Wednesday afternoon with the NYSE Healthcare Index declining 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1%.The iShares Biotechnology ETF (IBB) fell 1.8%.In corporate news, Prenetics Global (PRE) shares dropped 8.7% after the company reported a Q1 loss of $1.36 per diluted share, widening from the loss of $0.80 a year earlier.Sanofi (SNY) shares fell 2.3%. The company said it will discontinue a phase 3 trial of riliprubart in patients with a type of chronic inflammatory demyelinating polyneuropathy after an interim review found the study was unlikely to provide sufficient efficacy.Johnson & Johnson (JNJ) was ordered by a Los Angeles jury to pay $32 million to the family of a California woman who died from pleural mesothelioma after alleged exposure to asbestos-contaminated talc, according to the law firm representing the family. Johnson & Johnson shares rose 0.7%.Pfizer's (PFE) recent share decline has pulled its valuation back toward historical levels, easing some of the concerns raised in its earlier outlook, RBC Capital Markets said. Pfizer's stock fell 0.2%.

$JNJ$PFE$PRE$SNY
Sectors

Sector Update: Healthcare

Healthcare stocks were lower late Wednesday afternoon, with the NYSE Healthcare Index down 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1%.The iShares Biotechnology ETF (IBB) fell 1.5%.In corporate news, Pfizer's (PFE) risk-reward profile has become more balanced following recent share weakness, with the stock's decline bringing valuations closer to long-term averages and reducing downside concerns previously highlighted in its outlook, RBC Capital Markets said in a note. RBC upgraded Pfizer to sector perform from underperform and reiterated a price target of $25. Pfizer shares were down 0.3%.

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Wire

Pfizer's Risk-Reward More Balanced Ahead of 2 Key Pipeline Catalysts, RBC Capital Markets Says

Pfizer's (PFE) risk-reward profile has become more balanced following recent share weakness, with the stock's decline bringing valuations closer to long-term averages and reducing downside concerns previously highlighted in its outlook, RBC Capital Markets said in a note Tuesday.The brokerage pointed to Pfizer's dividend yield of about 7% as a key support factor for the stock, saying it may provide a "floor" for downside as income-focused investors step in, even as longer-term growth challenges remain.RBC highlighted two late-stage pipeline catalysts, sigvotatug vedotin in non-squamous non-small cell lung cancer with an around 60% probability of success and roughly $1.2 billion peak sales potential, and mevro in metastatic castration-resistant prostate cancer with similar success odds and about $2.7 billion peak sales, with data expected in H2.The company's strong Q1 results could lead to a full-year guidance upgrade, but RBC warned that Pfizer continues to face earnings transition risk from major patent expirations in 2027 to 2030, limiting visibility on a sustained return to growth, the report added.RBC Capital Markets upgraded its rating on the stock to sector perform from underperform and reiterated a price target of $25.Shares of Pfizer were down 0.3% in Wednesday trading.Price: $25.62, Change: $-0.08, Percent Change: -0.30%

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Research

RBC Upgrades Pfizer to Sector Perform from Underperform, PT is $25

Pfizer (PFE) has an average rating of overweight and mean price target of $28.92, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$PFE
Sectors

Sector Update: Health Care Stocks Higher Late Afternoon

Health care stocks edged higher late Tuesday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) each increasing about 0.4%.The iShares Biotechnology ETF (IBB) was up 0.1%.In corporate news, Edgewise Therapeutics (EWTX) shares jumped 22% after Wedbush lifted the company's price target to $46 from $32, while keeping its outperform rating.Pfizer's (PFE) Q1 results surpassed analyst estimates as robust demand across its key brands offset weakening sales of its COVID-19 products. Its shares rose 0.9%.Merck (MRK) shares added 0.6%. The company said Tuesday it has completed the acquisition of Terns Pharmaceuticals after a cash tender offer at $53 per share.Scilex (SCLX) shares were down 3% after it said Tuesday its subsidiary ACEA Therapeutics agreed to transfer 100% of the equity interests of ACEA Pharma to Phoenix Asia (PHOE) in a $1 billion all-stock deal.

$EWTX$MRK$PFE$SCLX
Sectors

Sector Update: Health Care Stocks Advance Tuesday Afternoon

Health care stocks rose Tuesday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 0.3% each.The iShares Biotechnology ETF (IBB) was shedding 0.4%.In corporate news, Pfizer's (PFE) Q1 results surpassed analysts' estimates as robust demand across its key brands offset weakening sales of its COVID-19 products. Its shares declined 0.7%.Merck (MRK) shares added 0.4% after the company said Tuesday it has completed the acquisition of Terns Pharmaceuticals after a cash tender offer at $53 per share. Terns' stock will no longer be listed on Nasdaq, it said.BioNTech (BNTX) shares dropped 3.5% after the company reported a wider adjusted loss and lower revenue in Q1.

$BNTX$MRK$PFE
Sectors

Sector Update: Health Care

Health care stocks rose Tuesday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 0.2%.The iShares Biotechnology ETF (IBB) was shedding 0.7%.In corporate news, Pfizer's (PFE) Q1 results surpassed analysts' estimates as robust demand across its key brands offset weakening sales of its COVID-19 products. Its shares declined 0.7% Tuesday afternoon.

$PFE
Research

Research Alert: CFRA Lowers Rating On Shares Of Pfizer Inc. To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target to $28 from $31, 9.4x our 2027 EPS estimate, below PFE's historical forward P/E average. We keep our 2026 EPS view at $2.99 and our 2027 EPS at $2.97. PFE delivered solid top- and bottom-line Q1 results today that exceeded expectations while demonstrating continued progress in its post-Covid transition strategy. While we continue to think that shares are trading at a discount, as the company's main focus in the next year is on AI integration, and a new transformative M&A is not a key priority, we see limited catalysts to drive meaningful upside potential. We think PFE is aiming to maximize value from launched and acquired products with particular focus on key areas: oncology, obesity/metabolic disease, and vaccines. PFE remains committed to maintaining its dividend, continuing productivity initiatives ($7.2B cost savings target), and pursuing targeted business development (with $7B capacity) but we do not expect PFE executing share buybacks to support the share price in the near term.

$PFE
Wire

Top Midday Stories: PayPal Q2 EPS Guide Undershoots Expectations, Plans 20% Workforce Cut; Palantir Shares Fall Despite Strong Earnings, Guidance

All three major US stock indexes were up in late-morning trading Tuesday, as oil prices slid despite new attacks in the Strait of Hormuz.In company news, PayPal (PYPL) reported Q1 non-GAAP earnings Tuesday of $1.34 per diluted share, up from $1.33 a year earlier and above the FactSet consensus estimate of $1.27. Net Q1 revenue was $8.35 billion, up from $7.79 billion a year ago and above the FactSet consensus of $8.05 billion. For Q2, the company said it expects to post a roughly 9% decline in non-GAAP EPS from $1.40 a year earlier to about $1.27. Analysts polled by FactSet expect $1.34. Additionally, PayPal is planning to cut around 20% of its workforce over the next two to three years, Bloomberg reported Tuesday, citing a person familiar with the matter. PayPal shares were down 8.1% around midday.Palantir Technologies (PLTR) reported Q1 adjusted earnings late Monday of $0.33 per diluted share, up from $0.13 a year earlier and above the FactSet consensus of $0.28. First-quarter revenue was $1.63 billion, up from $883.9 million a year ago and above the FactSet consensus of $1.54 billion. For Q2, Palantir said it expects revenue of $1.797 billion to $1.801 billion, above the FactSet consensus of $1.68 billion. For full-year 2026, the company said it expects revenue of $7.65 billion to $7.66 billion, above the FactSet consensus of $7.24 billion. Palantir shares were down 6.3%.Alphabet (GOOG, GOOGL) will raise at least 9 billion euros ($10.5 billion) from its biggest ever euro-denominated bond sale, Bloomberg reported Tuesday, citing a person familiar with the matter. Separately, Alphabet's Google DeepMind, Microsoft (MSFT) and xAI signed new agreements with the Center for AI Standards and Innovation to assess AI security issues before they are released, CAISI said Tuesday. Alphabet's Class C shares were up 1.4%, while its Class A shares were up 1.5%. Microsoft shares were down 0.8%.Apple (AAPL) has held early talks with Intel (INTC) and Samsung Electronics on producing key device processors in the US, Bloomberg reported Tuesday, citing people familiar with the matter. Apple shares were up 1.1%, and Intel shares were up 13.8%.Shopify (SHOP) reported a Q1 loss Tuesday of $0.45 per diluted share, narrowing from a loss of $0.53 a year earlier. Analysts surveyed by FactSet expected earnings of $0.24. First-quarter revenue was $3.17 billion, up from $2.36 billion a year ago and above the FactSet consensus of $3.11 billion. Shopify shares were down 11%.Pfizer (PFE) reported Q1 adjusted earnings Tuesday of $0.75 per diluted share, down from $0.92 a year earlier but above the FactSet consensus of $0.72. First-quarter revenue was $14.45 billion, up from $13.72 billion a year ago and above the FactSet consensus of $13.84 billion. The company reaffirmed its full-year 2026 EPS and revenue guidance ranges of $2.80 to $3.00 and $59.5 billion to $62.5 billion, respectively. Analysts polled by FactSet expect $2.96 and $61.38 billion, respectively. Pfizer shares were down 0.7%.Price: $46.33, Change: $-4.06, Percent Change: -8.06%

$AAPL$GOOG$GOOGL$INTC$MSFT$PFE$PLTR$PYPL$SHOP
US Markets

Pfizer Tops First-Quarter Estimates, Reaffirms Full-Year Outlook

Pfizer's (PFE) first-quarter results surpassed analysts' estimates as robust demand across its key brands offset weakening sales of its COVID-19 products, and the company reaffirmed its full-year outlook.Adjusted per-share earnings fell to $0.75 from $0.92 a year earlier, exceeding the FactSet consensus of $0.72. Revenue rose 5% to $14.45 billion, while analysts expected $13.84 billion.The pharmaceutical giant continues to expect full-year adjusted EPS of $2.80 to $3 on revenue of $59.5 billion to $62.5 billion. Analysts project non-GAAP EPS of $2.96 on sales of $61.38 billion. Pfizer reported non-GAAP EPS of $3.22 on sales of $62.58 billion in 2025."Excluding COVID products, the underlying business delivered approximately 7% operational revenue growth, reflecting solid demand across key brands and continued strong commercial execution," Chief Financial Officer David Denton said in prepared remarks on an earnings conference call.First-quarter earnings also exceeded Pfizer's expectations, with Denton attributing the performance to cost management.Revenue in Pfizer's biopharma segment rose 5% to $14.16 billion, with increases in oncology, specialty care, and hospital and biosimilars offsetting the decline in primary care."We saw solid contributions across our product portfolio, primarily driven by Padcev, Eliquis, Nurtec, Lorbrena and the Vyndaqel family -- each reflecting focused execution in our key therapeutic areas," Denton said.Pfizer shares eased 0.3% in Tuesday trading. The stock has gained 5.7% this year.CEO Albert Bourla said Pfizer's growth profile and cash flow outlook after 2028 have improved due to two "significant" legal developments."Our recent settlement agreements resolving infringement of patents related to Vyndamax have the potential to change the growth profile of the company significantly post 2028," Bourla said, referring to Pfizer's heart medication. "This gives us greater confidence that, starting in 2029, we will enter a five-year period of high single-digit revenue (compound annual growth rate)."The recent Belgian court ruling on Comirnaty contracts in the EU is seen as a positive for future EPS and cash flow, Bourla said.Price: $26.23, Change: $-0.07, Percent Change: -0.29%

$PFE
Research

Research Alert: Pfe Q1 Tops Expectations, Fueled By Diversification And Solid Pipeline Progress

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PFE delivered solid Q1 results with adj. EPS of $0.75, down 18% Y/Y but beating the consensus view of $0.72, while revenues grew 5% Y/Y to $14.5B, a solid $700M above the consensus estimate. Excluding Covid products, the underlying business showed robust 7% operational growth, with launched and acquired products delivering 22% Y/Y growth to $3.1B. We view the diversification strategy as positive, with strong oncology momentum including Padcev (+39% Y/Y to $591M) and Lorbrena (+32% Y/Y to $305M) highlighting Pfizer's evolving portfolio strength. Management reaffirmed the 2026 guidance of $59.5B-$62.5B in revenues and $2.80-$3.00 adjusted EPS. We believe the accelerating pipeline momentum is encouraging, with multiple positive Phase 3 readouts including Elrexfio and Padcev studies, plus plans to initiate approximately 20 pivotal studies in 2026. In our view, the company's focus on business development over share repurchases reflects appropriate capital allocation as Pfizer continues its post-Covid transition.

$PFE
US Markets

Stocks Rise Pre-Bell as Investors Await More Earnings, Monitor Middle East Developments

US equity futures were trending higher on Tuesday as traders await a fresh batch of corporate earnings and monitor developments in the Middle East.The S&P 500 and the Dow Jones Industrial Average rose 0.3% each in premarket activity, while the Nasdaq added 0.6%. The indexes finished the previous trading session lower.Shopify (SHOP), Pfizer (PFE), Duke Energy (DUK), KKR (KKR), Ferrari (RACE), American Electric Power (AEP), Transdigm (TDG), PayPal (PYPL) and Rockwell Automation (ROK) report their latest financial results before the bell, among others.Advanced Micro Devices (AMD), Arista Networks (ANET) and Strategy (MSTR) are expected to announce their earnings after the markets close.Shares of Palantir Technologies (PLTR) fell 3.3% pre-bell even though the software maker raised its full-year revenue outlook and reported first-quarter results above Wall Street's expectations. Pinterest (PINS) jumped 17% as the image-sharing platform company recorded better-than-expected first-quarter results.Investors were watching developments in the Middle East closely after a day of heightened tensions in the Strait of Hormuz. The US military destroyed six Iranian boats on Monday in the strait after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command. A senior Iranian military official reportedly disputed that claim.Iran fired missiles and drones at the United Arab Emirates, the UAE's Defense Ministry said in a post on X.President Donald Trump told Fox News on Monday that Iran will be "blown off the face of the Earth" if they attack US vessels that support his initiative to escort commercial ships through the Strait of Hormuz.West Texas Intermediate crude oil declined 2.2% to $104.09 a barrel before the opening bell, while Brent decreased 1.4% to $112.79."Absent a reopening of the strait within the next several weeks, the global oil market, in our view, is likely to enter a period of explicit demand rationing within the current quarter," Wells Fargo Investment Institute Chief Investment Officer Darrell Cronk said Monday.Tuesday's economic calendar has the international trade in goods and services report for March at 8:30 am ET, followed by the purchasing managers' index composite final report from S&P Global (SPGI) for April at 9:45 am.New home sales reports for February and March are expected to be out at 10 am, along with the Institute for Supply Management's services index for the previous month. The Job Openings and Labor Turnover Survey for March also posts at 10 am.Federal Reserve Vice Chair for Supervision Michelle Bowman is slated to speak at 10 am, while Fed Governor Michael Barr speaks at 12:30 pm.New York Fed President John Williams said Monday that the Middle East conflict could keep inflation elevated for some time.Treasury yields were down in premarket action, with the two-year rate retreating 2.8 basis points to 3.93% and the 10-year rate off 2.2 basis points to 4.42%.Gold inclined 0.7% to $4,563 per troy ounce, while bitcoin advanced 1% to $80,756.

Dow JonesNasdaq CompositeS&P 500$AEP$AMD$ANET$DUK$KKR$MSTR$PFE$PINS$PLTR$PYPL$RACE$ROK$SHOP$TDG
US Markets

S&P 500, Nasdaq Retreat From Record, Oil Jumps Amid Renewed US-Iran Tensions

The S&P 500 and the Nasdaq retreated from record highs as oil prices jumped amid signs that the Middle East conflict could intensify again.The S&P 500 lost 0.4% to close at 7,200.8, while the Nasdaq fell 0.2% to 25,067.8. The Dow Jones Industrial Average ended 1.1% lower at 48,941.9. Barring energy, all sectors were in the red, led by materials.Brent crude jumped 5.3% to $113.87 per barrel, while West Texas Intermediate crude rose 3.1% to $105.12.The US military destroyed six Iranian boats in the Strait of Hormuz on Monday after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command.A senior Iranian military official disputed that claim, Fox News reported, citing Iranian media. US President Donald Trump told news agency that Iran will be "blown off the face of the Earth" if they attack US vessels that support Trump's initiative to escort commercial ships through the Strait of HormuzTehran fired missiles and drones at the United Arab Emirates, the UAE's Defense Ministry said in a post on X earlier in the day.Two US-flagged vessels passed through the strait, the Central Command said Monday, denying claims from Iran that a US ship had been hit. Iran's Islamic Revolutionary Guard Corps said no commercial vessels or oil tankers had transited the narrow waterway, CNN reported.Meanwhile, the Israeli military reportedly issued an evacuation order for 10 villages in southern Lebanon.The broader conflict paused following two separate ceasefires; one between Washington and Tehran and the other involving Israel and Lebanon. However, a framework for a permanent truce is yet to be reached.The cumulative supply disruption due to the conflict has now reached an estimated 600 million barrels by early May, Wells Fargo Investment Institute said in a note."Absent a reopening of the strait within the next several weeks, the global oil market, in our view, is likely to enter a period of explicit demand rationing within the current quarter," Wells Fargo Investment Institute Chief Investment Officer Darrell Cronk said. "Rationing on the order of four million to five million barrels per day would be required within weeks to rebalance the system, with a typical 30-day lag before flow disruptions fully translate into end-market shortages."US Treasury yields were higher, with the 10-year rate up 6.3 basis points at 4.44% and the two-year rate rising 6.6 basis points to 3.96%."Notwithstanding the recent powerful rallies in stocks, challenges remain to finding resolution for the conflict and in our view persist as a potential negative overhang to market performance with news flow from the Middle East, the price of oil, and supply chain disruptions adding to inflation risks near term," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said in a report. "That said, stock prices in the US continue to reflect in our view an appreciation for the fundamentals that matter most for revenue and profit growth."On the monetary policy front, New York Fed President John Williams said Monday that the Middle East conflict could keep inflation elevated for some time.Switching to quarterly results, S&P 500 companies' earnings and revenue growth accelerated compared with figures from a week ago, Oppenheimer Asset Management said Monday.Advanced Micro Devices (AMD), Disney (DIS), Uber Technologies (UBER), Shopify (SHOP), Pfizer (PFE) and McDonald's (MCD) are among major companies that are scheduled to release quarterly financials this week.Traders will be looking ahead to fresh labor market data later this week, beginning with the Job Openings and Labor Turnover Survey for March on Tuesday, followed by the ADP employment report for April on Wednesday. The Challenger Job Cut report and the government's nonfarm payrolls data, both for last month, are scheduled to be released on Thursday and Friday, respectively."Focus shifts from Big Tech to consumer-facing earnings and macro validation," Saxo Bank said in a report. "US earnings from Disney, Airbnb (ABNB), and McDonald's will test demand resilience, while the US jobs report will determine whether strong growth can sustain current equity levels."In company-specific news, Tyson Foods' (TSN) shares jumped 8%, the best performer on the S&P 500. The meat producer's fiscal second-quarter results surpassed Wall Street's expectations, lifted by price and volume gains in the chicken and prepared foods segments.Norwegian Cruise Line (NCLH) lowered its full-year earnings outlook on Monday amid higher fuel costs and weak consumer demand due to the Middle East conflict, while the cruise operator's first-quarter revenue fell short of market estimates. The stock fell 8.6%, among the worst performers on the S&P 500.EBay (EBAY) shares advanced 5.1%, among the best performers on the S&P 500, after video game retailer GameStop (GME) proposed to acquire the e-commerce company in a cash-and-stock deal worth about $55.5 billion. Shares of GME slumped 10%.Gold fell 2.6% to $4,524.40 per troy ounce, while silver declined 4% to $73.42 per ounce.

Dow JonesNasdaq CompositeS&P 500$ABNB$AMD$DIS$EBAY$GME$MCD$NCLH$PFE$SHOP$UBER
US Markets

Equities Fall Intraday, Oil Prices Climb as Traders Monitor Middle East Developments

US benchmark equity indexes were lower intraday and oil prices jumped as fighting in the Iran war flared up again.The Dow Jones Industrial Average was down 1% at 49,011.4 after midday Monday, while the S&P 500 lost 0.5% to 7,196.7. The Nasdaq Composite fell 0.3% to 25,038.8. The Nasdaq and the S&P 500 reached new peaks in the previous session.Barring energy, all sectors were in the red, led by materials.Brent crude jumped 6.1% to $114.79 per barrel, while West Texas Intermediate crude rose 4% to $106.13.The US military destroyed six Iranian boats in the Strait of Hormuz on Monday after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command.Tehran fired missiles and drones at the United Arab Emirates, the UAE's Defence Ministry said in a post on X earlier in the day.US President Donald Trump's initiative to escort commercial ships through the Strait of Hormuz began on Monday. Two US-flagged vessels passed through the strait, the Central Command said Monday, after denying claims from Iran that a US ship had been hit.Iran's Islamic Revolutionary Guard Corps said no commercial vessels or oil tankers had transited the narrow waterway, CNN reported.Meanwhile, the Israeli military reportedly issued an evacuation order for 10 villages in southern Lebanon."Notwithstanding the recent powerful rallies in stocks, challenges remain to finding resolution for the conflict and in our view persist as a potential negative overhang to market performance with news flow from the Middle East, the price of oil, and supply chain disruptions adding to inflation risks near term," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said in a report. "That said, stock prices in the US continue to reflect in our view an appreciation for the fundamentals that matter most for revenue and profit growth."S&P 500 companies' quarterly earnings and revenue growth accelerated compared with figures from a week ago, Oppenheimer Asset Management said Monday.In company news, Norwegian Cruise Line (NCLH) lowered its full-year earnings outlook on Monday amid higher fuel costs and weak consumer demand due to the Middle East conflict, while the cruise operator's first-quarter revenue fell short of market estimates. The stock was down 8.9% intraday, the second-worst performer on the S&P 500.EBay (EBAY) shares were up 5.6%, among the best performers on the S&P 500, after video game retailer GameStop (GME) proposed to acquire the e-commerce company in a cash-and-stock deal worth about $55.5 billion. Shares of GME slumped 7.7%.Palantir Technologies (PLTR), Advanced Micro Devices (AMD), Disney (DIS), Uber Technologies (UBER), Shopify (SHOP), Pfizer (PFE) and McDonald's (MCD) are among major companies that are scheduled to release quarterly financials this week.Traders will be looking ahead to fresh labor market data later this week, beginning with the Job Openings and Labor Turnover Survey for March on Tuesday, followed by the ADP employment report for April on Wednesday. The Challenger Job Cut report and the government's nonfarm payrolls data, both for last month, are scheduled to be released on Thursday and Friday, respectively."Focus shifts from Big Tech to consumer-facing earnings and macro validation," Saxo Bank said in a report. "US earnings from Disney, Airbnb (ABNB), and McDonald's will test demand resilience, while the US jobs report will determine whether strong growth can sustain current equity levels."US Treasury yields were higher intraday, with the 10-year rate up seven basis points at 4.45% and the two-year rate rising 8.5 basis points to 3.98%.Gold fell 2.2% to $4,540.50 per troy ounce, while silver declined 3.7% to $73.62 per ounce.

Dow JonesNasdaq CompositeS&P 500$ABNB$AMD$DIS$EBAY$GME$MCD$NCLH$PFE$PLTR$SHOP$UBER
US Markets

Stocks Mostly Down Pre-Bell as Traders Assess Middle East Developments, Await Fresh Labor Data

The benchmark US stock measures were mostly pointing lower before the opening bell Monday as investors assess the latest developments in the Middle East involving the Strait of Hormuz and await fresh labor market data later in the week.The S&P 500 fell 0.1% and the Dow Jones Industrial Average declined 0.3% in premarket activity, while the Nasdaq was slightly in the green. The S&P 500 and the Nasdaq closed Friday's trading session with new record highs, while the Dow finished in the red.In a social media post on Sunday, President Donald Trump said the US will start guiding some neutral ships "locked up" in the Strait of Hormuz out of the crucial waterway. The initiative, dubbed "Project Freedom," is scheduled to begin on Monday, Trump said."These are ships from areas of the world that are not in any way involved with that which is currently taking place in the Middle East," according to Trump. "If, in any way, this humanitarian process is interfered with, that interference will, unfortunately, have to be dealt with forcefully."US Central Command said Sunday it will provide military support to restore commercial shipping through the strait, including the use of guided-missile destroyers.Iran's Fars news agency said two missiles hit a US warship in the Strait of Hormuz, Reuters reported Monday. US Central Command reportedly said that no US navy ships had been struck.Iran reportedly said Sunday it's reviewing a response from Washington to its latest offer for a peace deal, CNBC reported, citing Iranian state media. Tehran had reportedly sent an updated proposal to the US through Pakistani mediators.West Texas Intermediate crude oil climbed 4.7% to $106.76 a barrel before the open, while Brent advanced 4.8% to $113.37.Investors will be looking ahead to fresh labor market data later this week, beginning with the Job Openings and Labor Turnover Survey for March on Tuesday, followed by the ADP employment report for April on Wednesday. The Challenger Job Cut report and the government's nonfarm payrolls data, both for last month, are scheduled to be released on Thursday and Friday, respectively.Treasury yields were moving higher in premarket action, with the two-year rate inclining 3.9 basis points to 3.93% and the 10-year rate gaining 3 basis points to 4.41%.Federal Reserve Bank of New York President John Williams is slated to speak at 12:50 pm ET.Several major companies are expected to release their latest financial results this week, including Advanced Micro Devices (AMD), Walt Disney (DIS), McDonald's (MCD), Uber Technologies (UBER), Shopify (SHOP) and Pfizer (PFE).Palantir Technologies (PLTR) is set to announce its earnings after the markets close, while Tyson Foods (TSN) posts its results before the bell, among others.Shares of eBay (EBAY) jumped 10% pre-bell after video game retailer GameStop (GME) said it has sent a proposal to acquire the e-commerce company in a deal worth about $55.5 billion. Nebius' (NBIS) US-listed stock increased 2.5%.Gold fell 1.9% to $4,555 per troy ounce, while bitcoin nudged up 0.3% to $79,000.

Dow JonesNasdaq CompositeS&P 500$AMD$DIS$EBAY$GME$MCD$NBIS$PFE$PLTR$SHOP$TSN$UBER
Wire

Arvinas Reports FDA Approval of Veppanu for Advanced Breast Cancer

Arvinas (ARVN) and partner Pfizer (PFE) said Friday the US Food and Drug Administration has approved Veppanu for the treatment of adults with advanced breast cancer.The indication is for estrogen receptor-positive/human epidermal growth factor receptor 2-negative, estrogen receptor 1-mutated advanced or metastatic breast cancer, with disease progression following at least one line of endocrine therapy, they said.This is the first time the regulator has approved a PROteolysis TArgeting Chimera, a form of heterobifunctional protein degrader therapy, according to the release.Shares of Arvinas were up over 7%, and Pfizer was down about 1% in afternoon trading.Price: $10.64, Change: $+0.74, Percent Change: +7.47%

$ARVN$PFE
Wire

Pfizer Says Elrexfio Significantly Improves Progression-Free Survival in People With Blood Cancer

Pfizer (PFE) said Wednesday a phase 3 trial assessing Elrexfio to treat adults with multiple myeloma showed a significant improvement in the primary endpoint of progression-free survival compared with daratumumab plus pomalidomide and dexamethasone.The candidate drug's safety and tolerability was in line with its known safety profile, the company said, adding that most people treated with the drug remained progression-free.The company said the study is ongoing to evaluate overall survival, which is a key secondary endpoint, that was not yet mature at the time of the interim analysis.Price: $26.43, Change: $-0.05, Percent Change: -0.21%

$PFE
Sectors

Sector Update: Health Care Stocks Edge Higher Late Afternoon

Health care stocks edged up late Tuesday afternoon, with the NYSE Health Care Index fractionally higher and the State Street Health Care Select Sector SPDR ETF (XLV) up 0.2%.The iShares Biotechnology ETF (IBB) declined 0.6%.In sector news, the US Food and Drug Administration plans to pilot an approach this summer that will use AI to accelerate clinical trials of new medicines by automating data collection and submission, The Wall Street Journal reported Tuesday, citing an interview with Jeremy Walsh, the FDA's chief AI officer.In corporate news, Axogen (AXGN) shares jumped past 6% after it reported Tuesday a swing to Q1 adjusted EPS from a a loss a year earlier following a surge in revenue.Pfizer (PFE) said Tuesday it entered into settlement agreements with three generic drug manufacturers regarding lawsuits filed in the US District Court for the District of Delaware for patent infringement related to Vyndamax, a cardiomyopathy transthyretin-mediated amyloidosis treatment. Pfizer shares were down 1.7%.Eli Lilly (LLY) has entered into a strategic partnership with Profluent to develop AI-designed recombinases for genetic medicines, Profluent said Tuesday. Lilly shares rose 0.6%.Novartis (NVS) reported Q1 core earnings Tuesday of $1.99 per share, down from $2.28 a year earlier. Analysts polled by FactSet expected $2.19. Net sales for the quarter ended March 31 were $13.11 billion, down from $13.23 billion a year earlier. For 2026, the company said it continues to expect a low-single-digit core operating income decline. Novartis shares were up 0.3%.

$AXGN$LLY$NVS$PFE
Sectors

Sector Update: Health Care Stocks Edge Higher Tuesday Afternoon

Health care stocks edged up Tuesday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 0.2%.The iShares Biotechnology ETF (IBB) shed 0.6%.In corporate news, Pfizer (PFE) said Tuesday it entered into settlement agreements with three generic drug manufacturers regarding lawsuits filed in the US District Court for the District of Delaware for patent infringement related to Vyndamax, a cardiomyopathy transthyretin-mediated amyloidosis treatment. Pfizer shares were down 0.8%.Eli Lilly (LLY) has entered into a strategic partnership with Profluent to develop AI-designed recombinases for genetic medicines, Profluent said Tuesday. Lilly shares decreased 0.2%.Novartis (NVS) reported Q1 core earnings Tuesday of $1.99 per share, down from $2.28 a year earlier. Analysts polled by FactSet expected $2.19. Net sales for the quarter ended March 31 were $13.11 billion, down from $13.23 billion a year earlier. For 2026, the company said it continues to expect a low-single-digit core operating income decline. Novartis shares were fractionally lower.

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Wire

Citigroup Lifts Price Target on Pfizer to $27 From $26, Maintains Neutral Rating

Pfizer (PFE) has an average rating of hold and mean price target of $28.90, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $26.61, Change: $-0.18, Percent Change: -0.69%

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